In today’s briefing:
- EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades
- Halcyon Agri (HACL SP): Hainan Rubber’s Offer Is Declared Unconditional
- Index Rebalance & ETF Flow Recap: STAR50, HSCEI, CSI300, KOSDAQ150, Japan Post Bank
- Halcyon Agri’s Offer Is Now Unconditional
- Last Week in Event SPACE: Japan Post Bank, S.M Entertainment, Toshiba, Link REIT
- (Mostly) Asia-Pac Weekly Risk Arb Wrap: Oishi, AAG, Pushpay, GK Goh, Halcyon Agri, S.M.Entertainment
EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades
- Weekly summary of vol changes and moves across Global Markets
- Analysing ATM volatility and skew changes over the last 5 days
- We suggest a few trades to take advantage of the implied vol surfaces
Halcyon Agri (HACL SP): Hainan Rubber’s Offer Is Declared Unconditional
- Halcyon Agri (HACL SP)’s S$0.413 per share MGO from China Hainan Rubber Industry (601118 CH) has met the 50%+ minimum acceptance condition.
- The closing date is extended from 24 March to 10 April. The payment settlement is within seven business days of receipt of a valid acceptance.
- The offeror currently represents 50.003% of outstanding shares. At the last close, the gross and annualised spread for a 10 April payment is 2.0% and 41.8%, respectively.
Index Rebalance & ETF Flow Recap: STAR50, HSCEI, CSI300, KOSDAQ150, Japan Post Bank
- There were a bunch of rebalances on Friday across Asia resulting in big flows across multiple stocks and countries.
- The coming week is quieter with no scheduled rebalances – though the KOSDAQ 150 Index rebalance could take place dependent on Kuk Il Paper Mfg (078130 KS)‘s trading resumption.
- Inflows to China and Taiwan ETFs while Korean ETFs had outflows. Market volatility resulted in redemptions from iShares MSCI Emerging Markets (EEM) and IShares MSCI Min Vol Emerging Markets (EEMV).
Halcyon Agri’s Offer Is Now Unconditional
- China Hainan Rubber Industry (601118 CH)‘s Offer for Halcyon Agri (HACL SP) is now unconditional in all respects.
- The closing date has accordingly been extended to the 10 April. It can be further extended.
- This transaction is done. And will trade tight to terms.
Last Week in Event SPACE: Japan Post Bank, S.M Entertainment, Toshiba, Link REIT
- Medium-Term, Japan Post Bank (7182 JP) is not in great shape fundamentally compared to others We still know nothing about TOPIX. And we may just not hear.
- Kakao Corp (035720 KS) to take control of S.M.Entertainment Co (041510 KS) after HYBE (352820 KS) throws in the towel.
- The world is quite volatile now, and funding is probably more precious today than yesterday. But a bid for Toshiba Corp (6502 JP) is too.
(Mostly) Asia-Pac Weekly Risk Arb Wrap: Oishi, AAG, Pushpay, GK Goh, Halcyon Agri, S.M.Entertainment
- There are 42 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
- One new deal was discussed on Smartkarma this past week: Thai Beverage (THBEV SP)‘s delisting Offer for Oishi Group PCL (OISHI TB).
- Key updates took place for AAG Energy Holdings (2686 HK), Pushpay Holdings (PPH NZ), GK Goh Holdings (GKG SP), Halcyon Agri (HACL SP), and S.M.Entertainment Co (041510 KS).
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